Vince Cable on Royal Mail: 'We got value for money'

Business Secretary Vince Cable has said the sale of Royal Mail was "successful" and "the government achieved its objectives".

The National Audit Office has said the privatisation of Royal Mail did not achieve the best value for taxpayers because of the government's "deep caution".

The privatisation of Royal Mail took place amid huge public interest and the shares rose by 38% to 455p on their first day of trading, representing an increase in value of £750m for the new shareholders.